Read the last sentence from the SEC SPO Doc's . . . some national attention could make things pretty interesting!
USE OF PROCEEDS
We estimate our net proceeds from the sale of the 3,000,000 shares of common stock we are offering to be $ million, after deducting the underwriting discount and estimated offering expenses. If the underwriters exercise their over-allotment option in full, then our net proceeds will be $ million.
We intend to use approximately $ million of the net proceeds to invest as additional capital in vBank. vBank intends to use approximately $10.0 million of the additional capital to finance a national marketing campaign for our Internet banking operations and to enter into strategic marketing agreements with other Internet entities, and approximately $4.0 million to fund the infrastructure for our Internet banking operations. vBank intends to use the remaining additional capital, approximately $ million, to maintain its well-capitalized status under regulatory capital guidelines. We intend to retain the remaining net proceeds, approximately $ million, in USABancShares.com for general corporate purposes, including payments on our guaranteed preferred beneficial interests in subordinated debt. See "Capitalization" and notes 5 and 20 to the financial statements included in this prospectus beginning on page F-1. We intend to invest the net proceeds of this Offering in U.S. government agency securities, mortgage-backed securities and other investment securities pending their use.
PRICE RANGE OF COMMON STOCK
Our common stock has been quoted on the Nasdaq SmallCap Market under the symbol "USAB" since the first quarter of 1996. Our common stock has been approved for quotation on the Nasdaq National Market under the same symbol, effective September 16, 1999. The following table sets forth, for the periods indicated, the range of high and low sales prices per share of our common stock as reported on the Nasdaq SmallCap Market. All prices have been adjusted to reflect (a) a 33% stock dividend paid on July 18, 1997, (b) a 33% stock dividend paid on August 17, 1998 and (c) a two-for-one stock split effected in the form of a dividend paid on June 15, 1999.
Sales Price ------------------------- Period High Low ------ ----------- -----------
1997 ----
First Quarter ..................................... $ 2 31/32 - $ 2 39/64
Second Quarter .................................... 3 7/64 - 2 15/32
Third Quarter ..................................... 3 49/64 - 2 3/4
Fourth Quarter .................................... 3 61/64 - 3
1998 ----
First Quarter ..................................... 5 41/64 - 3 19/64
Second Quarter .................................... 5 59/64 - 4 57/64
Third Quarter ..................................... 6 49/64 - 3 ¾
Fourth Quarter .................................... 4 1/2 - 3 3/8
1999 ----
First Quarter ..................................... 4 1/2 - 4
Second Quarter .................................... 11 - 4
Third Quarter (through September 9, 1999) ......... 16 1/2 6 7/8
On September 9, 1999, the last reported sale price of our common stock on the Nasdaq SmallCap Market was $9.1875 per share. As of September 9, 1999, there were 4,014,784 shares of common stock outstanding, held by approximately 209 holders of record. |
